Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBCs international network comprises over 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. Companby has listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges. Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.

            Red = 25 day moving average.           Green = 200 day moving average.

I am out of this now. It's been a very nice ride but I'm becoming nervous that it's too fast and the price is excessively supported by the weak pound.

I'll be happy to buy back in around 600 if I get the opportunity

680 will be tempting.

Why? Skinny, no more to go.....

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Not broken out of top bollinger band yet.

By Pamela Barbaglia | DAVOS, SWITZERLAND
Two of Europe's biggest banks warned on Wednesday they could each move around 1,000 jobs out of London, in the clearest sign yet of how financial firms are preparing for disruption caused by Britain's exit from the European Union.

UBS Chairman Axel Weber said around 1,000 of the Swiss bank's 5,000 employees based in London could be affected by Brexit, while HSBC Chief Executive Stuart Gulliver said the bank will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris.

Major financial firms warned for months before Britain's referendum on European Union membership in June that they would move jobs out of the country if there was a vote to leave, but have set out few details since on how many will go or where to.

"We will move in about two years time when Brexit becomes effective," the bank's Chief Executive Stuart Gulliver told Reuters at the annual meeting of the World Economic Forum.

And in another potentially damaging blow to London's status as Europe's main financial center, UBS's Weber told the BBC in Davos that 1,000 staff working in businesses that would be hit by Britain losing its 'passport' to sell financial services in Europe would be affected.

Other banks are expected to announce more concrete plans for how they will adapt to Brexit in the coming months after Prime Minister Theresa May confirmed in a speech on Tuesday that Britain would leave the European single market.

Exane BNP Paribas Outperform 672.65 - 750.00 Upgrades

Doing nicely this morning 683+

Still on these from 452. Not bad.

Same here 456p

I'm an amateur @472p

700 is my 'new' 680p.

20+ month high @692.

Probably not the best start to the day!

HSBC's 2016 pre-tax profit slumps 62 percent; sets new $1 billion share buy-back

Profits down 62% how did they do that.

Who knows mystery of mysterys and the sp is at 666 not a good sign.

How right you are finished at 666p.

Q1 2017 Earnings Release

1Q17 EARNINGS RELEASE - HIGHLIGHTS
Strategic execution

• Strong momentum in Asia with customer advances in the Pearl River Delta up 17% on 1Q16, new insurance sales up 13% and growth in assets under management of 15%.

• Achieved annualised run-rate savings of $4.3bn since inception, while continuing to invest in growth, and regulatory programmes and compliance. Incremental $0.4bn savings in 1Q17.

• Adjusted profit before tax growth in all three NAFTA countries. Lower LICs in the US and Canada; revenue growth in Mexico.

• Exceeded our RWA reduction target (FX rebased).

• Completed our $1.0bn share buy-back in April.
Stuart Gulliver, Group Chief Executive, said:
"This is a good set of results. The increase in adjusted profit was driven by strong performances in three of our four global businesses. Global Banking and Markets had a great quarter; Commercial Banking delivered higher revenue from our liquidity and cash management activities; and Retail Banking and Wealth Management was supported by rising interest rates and renewed customer investment appetite.
"In addition, we completed a $1bn buy-back, and made progress on our cost-saving programmes, giving us further confidence in our ability to hit the higher cost-saving target that we announced at our annual results."
Financial performance

• Reported profit before tax of $5.0bn down $1.1bn or 19%, primarily due to adverse movements in significant items including fair value movements on our own debt from changes in our own credit spread in 1Q16; adjusted profit before tax of $5.9bn, up $0.6bn or 12% compared with 1Q16, reflecting lower LICs and higher revenue.

• Reported revenue of $13.0bn was 13% lower primarily due currency translation differences and the absence of fair value movements on our own debt and revenue from the operations in Brazil that we sold, which were the key elements of the adverse movement in significant items; adjusted revenue of $12.8bn, up $0.3bn or 2%, mainly in RBWM from life insurance manufacturing and growth in current accounts, savings and deposits, and in GB&M from Rates and Credit.

• Reported operating expenses of $8.3bn were $0.1bn or 1% higher; adjusted operating expenses of $7.2bn were $0.2bn or 3% higher, mainly due to a credit in the prior year relating to the 2015 UK bank levy. Excluding this, inflation and continued investment in our regulatory and growth programmes were partly offset by the impact of our cost-saving initiatives.

• Adjusted jaws was negative 0.6%.

• Compared with 4Q16, reported profit before tax was up $8.4bn; adjusted profit before tax was up $3.3bn.

• Strong capital base with a common equity tier 1 ('CET1') ratio of 14.3% and a leverage ratio of 5.5%.


more....

Glad I bought some at 475p a little while ago.

Pop!